Market Cap Loses $20+ Billion In 24 Hours As Top 50 Cryptocurrencies Sink Overnight

The fifty largest cryptocurrencies by market cap seem to be hugely affected by the Bithumb scandal – which has been best demonstrated through their prices. Over the past 24 hours, the total market cap went from $287 billion to $261 billion which is what the market cap looks like currently (at press time).

There are constant ups and downs but in general, the price of Bitcoin sunk by 8% and the price of Ethereum by 10%. Bitcoin Cash also measured an 11% drop – and EOS also dropped by 16% overnight.

With that, EOS recorded the largest loss amongst major digital assets. This confirmed that the cryptocurrency market is still in a bear cycle and that the corrective rally has just begun (instead of the bull rally many expected). Currently, the Bitcoin price is somewhere below $6,200 while Ethereum firmly holds below the $500 mark.

Prior to this hack, the cryptocurrency market has shown significant momentum and Bitcoin rebounded from $6,300 to $6,700. However, the breach led many investors to panic – even though the outcome was not particularly detrimental.

The Bithumb hack is one of the main reasons for this. However, despite the loss of more than $30 million, Bithumb revealed that the losses will be reimbursed to all investors, stating:

“After the incident occured on June 20, Bithumb quickly followed the procedure to immediately report [the] incident to KISA announcing that about 35 billion Korean Won worth amount of cryptocurrency was stolen. However, as we undergo recovery process on each cryptocurrency, the overall scale of damage is getting reduced. Hence, we expect that the overall damage will be less than the amount we initially expected.”

Experts are now waiting for a correcting in the Bitcoin price, which will also affect the other altcoins.